An Introduction to Crypto
The crypto market is exploding in popularity, with one source reporting the value of global crypto markets increasing by nearly 900% over the past year. Today, there are over 5,000 cryptocurrencies and numerous crypto exchanges on which to sell them. As it continues to become more mainstream, an increasing number of people are turning to crypto as an alternative to traditional currencies.
Buying, Selling & Trading Crypto
Crypto is bought, sold and traded in online marketplaces called exchanges. These exchanges are where transactions around digital currency take place and allow you to trade one type of crypto for another. Some even allow you to convert fiat (traditional) money to crypto. Some of the biggest crypto marketplaces include Coinbase, Binance and Kraken.
A cryptocurrency wallet is different than an exchange; it’s where you store your personal crypto assets. Wallets keep a record of your digital transactions and store your public and private key (needed to access your crypto). Secure cryptocurrency wallets are often provided by the crypto exchange, or via a financial app. You can also keep your wallet on your own computer, an external device not connected to the internet (a “cold wallet”) or even on traditional notepaper.
Benefits of Using Crypto
Crypto is highly secure, as it’s powered by Blockchain tech which means the information is permanent and cannot be manipulated, changed or erased.
Crypto is not controlled by one government or entity and is free from regulation. It's also better protected from attacks since it lacks a cental point of weakness.
Crypto markets never close and are not constrained by standard business hours or time zones. This means you have 24/7 access and can move crypto around anytime.
Risks of Using Crypto
Wallets and exchange accounts may be vulnerable to hackers or other attacks. Because crypto is so valuable and popular, it’s being increasingly targeted. Lots of money and rewards. This is coupled with the fact that if you’re hacked, you simply have no recourse. The benefit of decentralization becomes a downside, as you have no recourse if you do lose your crypto; in those instances, it’s simply gone forever.
Lack of Anonymity
If you want to buy bitcoin anonymously, keep in mind it’s very difficult to be totally anonymous when using crypto. While there is such thing as an anonymous bitcoin exchange, in most cases you still need to reveal your identity or personal details when you sign up, to comply with anti-money laundering laws and other related regulations. Most often, crypto is referred to as pseudonymous, meaning you can use a different identity to sign up but there is still information associated to that identity available publicly.
Crypto marketplaces – and their associated rules - vary by geographic location. Access to marketplaces is generally determined by location, based on a users’ IP address. Because crypto markets don’t offer the same currencies, you may want to access an international market with more options and coins but find yourself prohibited. There can also be penalties for trying to access a foreign marketplace from a non-local IP – and if you get caught your assets may be frozen for a period of time or you can be banned.
Get a VPN for Crypto
A VPN like VyprVPN is the best solution to overcome risks associated with crypto. If you are using crypto, it’s a good idea to use a blockchain VPN to stay safe and access the marketplaces you want without restrictions. Whether you want a VPN for Coinbase or for one of the other popular exchanges, it’s essential to connect use every time you buy, trade or sell crypto.
Privacy & Security
Encrypt your connection to protect your privacy while using crypto. This keeps your activity private from prying eyes of your ISP and hides your true location and identity. Using a blockchain VPN also keeps you safe from hackers or other bad actors. Securing your connection means you secure your cryptocurrency wallet to protect your assets.
A VPN allows you to change your IP address, selecting from one of VyprVPN’s 70+ worldwide server locations. This means you can appear local to a large number of countries, and as a result gain access to any crypto marketplace you want without being blocked or banned.
VyprVPN: The Best VPN for Crypto
VyprVPN is a no-log provider. We can’t see what you’re doing online, so you can be assured that what you do with your crypto remains your business and no one else’s.
Built-In Kill Switch
With VyprVPN, you get your own personalized Kill Switch which safeguards your online security. Kill Switch prevents you from ever revealing your IP by mistake or location if your connection drops.
Whether you use an Android or iPhone, PC or Mac, we have apps for all your devices. VyprVPN is extremely quick and easy to download, so you can stay protected no matter how you prefer to access your crypto wallet or exchanges.